The Giant of Crypto and being the King, Bitcoin (BTC) Price has been dumped to 8,100$ from almost 10,000$ a coin 1 day before Halving, liquidating almost $200 Million in BTC alone. Here I will discuss the major three factors who trigger the dump of Bitcoin.

• $10,500 with a strong Resistance area for Bitcoin
• Whales quickly sell BTC at the POINT of Rejection
• High Volatility before Halving

$10,500 with a strong Resistance area for Bitcoin

Bitcoin has dropped 9% in a single hour, 1 day before the halving event, The three key reasons that triggered was also due to multiple resistance area above $10,000. The factor of Whales is crucial in the movement of BTC and it is to be noticed on BitMEX with high volatility before the halving. The area above $10k with $10,200 and 10,500$ is found to be a strong resistance area from 2018 to until today, And after that breakout back in June 2019, which led bitcoin rise to $14,000. 

Whales quickly sell BTC at the POINT of Rejection

Almost as soon as the resistance of $10,200 was confirmed Whales started to short BTC at various major exchanges including which four major exchanges show shorting of BTC including Binance Futures, BitMEX, OKEx, and Deribit. Below is shown only about BITMEX exchange:

The funding rate on major exchanges is almost shown in negative which overwhelming the market holding contracts to going down which means holding short contracts more which triggers BTC to dump furthermore. 

High Volatility before Halving

Bitcoin block reward of halving has been destined to occur on May 12, and trading activity on major cryptocurrency exchanges will surge significantly triggering more volatility of the major assets. It's like Major News which triggers the forex market, but here we wait 4 years for it to affect the market after the halving. It may take 6 months or a whole year to fully effect the market. 

Whenever new investors jumped into the market before and after the major events it's open the market a steep selloff too, as after the 2016 block reward halving the bitcoin price dropped by more than 30% as traders react with sell the news response. 

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